According to a survey by the Post Office Travel Money, prices are down in 70% of the 44 destinations it surveyed compared to last year (see our Top Travel Money guide for the full details on the best way to spend overseas).

Kuta in Bali came up trumps as the cheapest destination, where a typical basket of goods including sun cream, a three course meal for two with wine and a can of Coke, will set you back £31.48.

The second cheapest destination is the Portuguese Algarve with the same basket of goods costing £35.

But you'll get the least value for your cash in Auckland, New Zealand and Darwin, Australia where the same basket of good will set you back £115.06 and £113.06 respectively.

Additionally, there's no fee for withdrawing cash, although you'll be charged interest at 12.9% representative APR when using ATMs – even if you repay in full.

For over-50s only, the Saga* credit card also has no foreign exchange fee, so you get the best possible rate worldwide.

If you withdraw cash, you won't be charged interest if you repay in full before your statement's due date. But you'll still be charged a one-off 2% (minimum £2) fee. Fail to repay in full, and it's 11.9% representative APR.

If you prefer cash, our TravelMoneyMax tool compares rates and fees to find you the cheapest deal, including airport rates if you've left it until the last minute – although you should always avoid these if possible unless you've ordered ahead for collection and have no other choice.

* Using these links helps the site stay free to use, as they're ‘affiliated links’ which invisibly take you usually via affiliate linkage or commercial money sites, which then pay this site. You shouldn’t notice any difference, the links don't impact the product at all and the editorial line (the things we write) is NEVER impacted by the revenue. If it isn't possible to get an affiliate link for the best product, it is still recommended and still included. The following links, Halifax and Saga are identical unaffiliated links provided for the sake of transparency. Click on the following link for more details on how this site's financed.

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